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<h1>Change in rate of tax: time of supply fixed by invoice or payment dates under transitional rules.</h1> Change in rate of tax determines the time of supply by comparing supply timing with invoice issuance and payment dates: for supplies before the rate change, time of supply is either invoice date or payment receipt depending on which occurred and when; for supplies after the rate change, time of supply depends similarly on the order of invoice and payment. If bank credit of payment occurs more than four working days after the rate change, the date of receipt is the date of bank credit. 'Date of receipt of payment' means the earlier of the payment entry in the supplier's books or bank credit date.
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